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Bitcoin Surpasses $83,000 with a 1.09% Increase in 24 Hours

Bitcoin has surpassed the $83,000 benchmark and is now trading at $83,006, with a narrowed 1.09% increase in 24 hours.

U.S. Senator David McCormick Discloses BTC Purchase Worth $600,000

U.S. Senator David McCormick, as a member of the Digital Assets Subcommittee, has disclosed a purchase of Bitcoin worth $600,000.

Coinbase Sees Worst Quarter Since FTX Fell as Crypto Slides

Shares of Coinbase Global, Inc. and other firms linked to cryptocurrencies were hammered this quarter as growing concerns about the US economy weighed on digital assets.

Coinbase fell 31% in the worst quarterly performance since FTX collapsed near the end of 2022. Nearly every major crypto-linked stock plunged alongside it, from conglomerate Galaxy Digital Holdings Ltd. to miners such as Riot Platforms Inc. and Core Scientific Inc. Things haven’t been much better in crypto markets, with Bitcoin tumbling more than 10% and Ether losing 45% of its value.

Strategy Ends Quarter With Biggest Bitcoin Purchase of Year

Michael Saylor’s Strategy bought $1.9 billion of Bitcoin, the largest acquisition of the cryptocurrency in terms of tokens by the firm this year.

The purchase, the latest in a series of almost weekly acquisitions of the cryptocurrency since late October, increased the dot-com-era software maker turned leveraged Bitcoin proxy’s holding of the digital asset to around $43.4 billion. That is about 2.5% of all the 21 million in tokens slated to be issued.

The former MicroStrategy purchased 22,048 Bitcoin at an average price of approximately $86,969 from March 24 through March 30, according to a filing with the US Securities and Exchange Commission on Monday.

Trump Family to Launch US Bitcoin Mining Venture With Hut 8

The Trump family is set to launch a Bitcoin mining-focused venture with Hut 8 Mining Corp, the latest expansion of the US president’s ties to the cryptocurrency sector.

Hut 8 is launching American Bitcoin Corp. as a majority-owned subsidiary, focused exclusively on Bitcoin mining and “strategic Bitcoin reserve development,” the Miami-based company said in a statement Monday.

During the presidential campaign, Donald Trump vowed to ensure that all remaining Bitcoin is “made in the USA” and to establish a Bitcoin reserve. Trump used to be a skeptic about digital assets but pivoted to embracing the sector on the campaign trail, in part as the industry ramped up its involvement in the election through sizable political donations.

IREN Shifts Focus to AI Business as Bitcoin Mining Expansion Set to Pause

IREN Ltd will be hitting pause on its Bitcoin mining expansion, it said on Monday, to pivot toward its AI cloud services and data center businesses.

"Our focus is shifting to the next phase of growth and delivering scalable infrastructure for AI and HPC through our AI Cloud Services and AI Data Center businesses,” said IREN Co-Founder and Co-CEO Daniel Roberts said in a statement.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Monday was $71.07 million. The total net asset value of Bitcoin spot ETFs is $93.17 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 5.70%.

The Bitcoin spot ETF with the highest net outflow on Mar. 31 was WisdomTree Bitcoin Fund, with a net outflow of $32.55 million. Following that was ARK 21Shares Bitcoin ETF, with a net outflow of 23.18 million, according to SoSoValue.

SoSoValue